Kohl’s enters $1.5 billion asset-based revolving credit facility

By Rebecca Melvin

New York, April 17 – Kohl’s Corp. has borrowed $1.5 billion of funds under a new credit agreement that the company entered into on April 16 with Wells Fargo Bank NA as agent and the other lenders, according to an 8-K filing with the Securities and Exchange Commission.

The agreement provides for a $1.5 billion senior secured asset-based revolver. The borrowers may request an increase in aggregate commitments under the facility of up to $1.5 billion in some circumstances. The lenders may elect whether or not to provide the increase, and any increase would be subject to customary conditions. The agreement matures on July 25, 2024.

Interest paid on amounts outstanding under the agreement is one-month Libor plus 100 basis points.

Kohl’s is a retail-department store chain based in Menomonee Falls, Wisc.

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